https://www.taxtmi.com/caselaws?id=444427 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the addition of Rs. 47,72,95,676/- made by the AO under Section 68 of the Income Tax Act, 1961. It concluded that the assessee had sufficiently explained the nature and source of the unsecured loans, which were repayments of pre-existing loans. The Tribunal found that the transactions were conducted through banking channels and both parties were regularly assessed for tax. Consequently, the AO's addition was deemed unjustified, and the assessee's onus under Section 68 was considered discharged. en-us Tue, 19 Sep 2023 00:00:00 +0530 Tue, 02 Jan 2024 11:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444427 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decision to delete the addition of Rs. 47,72,95,676/- made by the AO under Section 68 of the Income Tax Act, 1961. It concluded that the assessee had sufficiently explained the nature and source of the unsecured loans, which were repayments of pre-existing loans. The Tribunal found that the transactions were conducted through banking channels and both parties were regularly assessed for tax. Consequently, the AO's addition was deemed unjustified, and the assessee's onus under Section 68 was considered discharged. Case-Laws Income Tax Tue, 19 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444427